Housing sales in seven major cities of the country declined by 11 percent to 1.07 lakh units during July-September. The main reason for this was the low offer of new houses and a 23 percent increase in average prices on an annual basis. Real estate consultant Anarock released data on Thursday, according to which residential property sales declined by 11 percent to 1,07,060 units in July-September. Whereas in the same period a year ago it was 1,20,290 units. Anarock Chairman Anuj Puri said, "Residential sales declined in all top cities."

New launches declined by 19% in top 7 cities

The report said, new offers in the top seven cities saw a decline of 19 per cent. 93,750 units were offered in July-September 2024, as against 1,16,220 units in the same period in 2023. Puri said, "Nevertheless, the fact that sales were higher than offers shows that the demand-supply equation remains strong." He said that due to high prices and monsoon, home sales declined in the third quarter. Puri said, "As usual, the demand was suppressed to some extent due to 'Shraadh' coming in this period, as many Indians do not buy houses during this time.

Sales decreased by 17% in Pune

According to the data, Mumbai Metropolitan Region (MMR) recorded the highest sales of 36,190 units among the top-7 cities in the July-September quarter, down 6 per cent from 38,505 units in the same quarter a year ago. Sales in Pune declined 17 per cent to 19,050 units from 22,885 units during the period under review. Residential sales in Delhi-National Capital Region NCR declined two per cent to 15,570 units from 15,865 units. Bengaluru declined eight per cent to 15,025 units from 16,395 units. Hyderabad recorded sales of 12,735 units, down 22 per cent from 16,375 units in the third quarter of the 2023 calendar year.

Sales decreased by 25% in Kolkata

Sales in Kolkata declined 25 per cent to 3,980 units from 5,320 units. Sales in Chennai declined nine per cent to 4,510 units in July-September as against 4,945 units in the same period a year ago. Anarock said, "Rising raw material costs as well as a significant increase in sales have led to a combined 23 per cent increase in average residential property prices across the top seven cities on an annual basis. It rose from Rs 6,800 per sq ft in Q3 2023 to Rs 8,390 per sq ft in Q3 2024." Among the top seven cities, Hyderabad saw the highest increase in average prices at 32 per cent.